In the off-trade, value has increased 6.4%, outperforming the growth of non-premium spirits, which is up 4.5%.

The perception of value is evolving, the report reveals. The growth of scarce and desirable products is growing in popularity as consumers are being exposed to more choice. The report highlights other forms of scarcity are emerging in importance such as access to unusual experiences and knowledge.

William Grant & Sons UK said the Prestige on-trade sector is key to its strategy as it “plays a huge part in influencing global trial, consumption and shopping habits”.

The group estimates there are 620, 000 millionaires in the UK, which is forecast to rise 30% in the next eight years.

Gin is performing well said the group. The report found new brands have helped fuel consumer interest in the category as premium gin is growing at six and a half times the rate of mainstream gin.

The company said there is strong value growth in the malt whisky and spiced/ flavoured rum categories and said immersive experiences remain a key brand engagement tool.